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A beneficiary is a person that a Relaint employee designates to receive the funds in their 401(k), should the employee pass away.  You have the option to elect a primary and secondary beneficarybeneficiary.  The role of a beneficiary may be distrubuted amounst distrubuted to more than 1 person if desired.  If a Relaint Reliant employee is over the age of 35 and married, the beneficary beneficiary will automatically default to his/her spouse (even if the employee had a previous beneficiray beneficiary on file with Principal).  It is possible for a spouse to waive their right as beneficiary if another beneficiary is desired, but the spouse must provide their written consetn consent to Principal.   It is important to designate a beneficiary/beneficiaries and to keep them up to date, to save loved ones from the hassle of having to get a court order to should you pass away.  To obtain these funds. To update or change your beneficiary see Changes to Beneficiaries.

If a Reliant employee designates a minor to be their beneficarybeneficiary, there may be legal complications for the minor to have access to the 401(k) funds prior to the time they reach the age of 18.  Therefore, in the case of minors, Reliant employees may prefer to set-up a trust in the name of the child and designate the trust as their 401(k) beenficiarybeneficiary. Please seek counsel from a legal advisor to make these arangements.

In the unfortunate case that a Reliant employee or former employee that participated in our Reliant's 401(k) Plan (and didn't move their money to a new plan after they exited employment) passes away, Reliant will serve as a point of contact between Principal Financial Group and the deceased's family.  Reliant will be responsible  to submit the proper "Death Notification Form" paperwork to Principal for the 401K(k) payout to the designated beneficiaries.  To complete this responsibilitiy, Reliant will request a certifiied certified copy of the death certificate from the deceased's family. 

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